Capex

Over the next five years, the world’s oil majors are expected to invest up to $17.5 billion into solar and wind energy projects, a Rystad Energy analysis projected.

Denver-based Ovintiv Inc., whose broad oil and natural gas portfolio runs across the Permian and Anadarko basins and the Montney formation in Canada, is shelving some onshore work in the Eagle Ford, Bakken, Uinta and Duvernay formations, but it’s keeping a sharp eye on the direction of natural gas prices to determine when to boost activity.

Enterprise Products Partners LP (EPD) has yet to see a “material change” to volumes across its system, but given the “highly uncertain” impacts of the coronavirus for the remainder of 2020, it has reduced planned growth capital investments by $1 billion and sustaining capital expenditures (capex) by $100 million.

Upstream capital spending was predicted to make a bit of a comeback from 2019, but all bets are off for 2020 worldwide spending, with the United States likely to take the deepest plunge.

U.S. exploration and production (E&P) companies arecuttingcapital expenditure (capex) by 35-40% from 2019 as oil prices continue to get hammered and demand is destroyed by the coronavirus pandemic, but spending reductions could be even harsher south of the U.S. border.

A cross-section of Canadian producer and contractor firms deepened 2020 capital spending cuts Monday in response to the worsening fossil fuel market outlook caused by the Covid-19 virus pandemic.

Houston-based Halliburton Co., the largest pressure pumper in the Lower 48, no longer is seeing a “flight to quality,” but a flight to anywhere, as customers deal with the Covid-19 pandemic and low commodity prices, CEO Jeff Miller said Monday.

The duration of the global Covid-19 pandemic remains uncertain, but the oil and gas industry likely will face the “most severe” impacts in the second quarter, Schlumberger Ltd. CEO Olivier Le Peuch said Friday.He shared first quarter results and a partial outlook for the current quarter during a conference call with CFO Stephane Biguet in Houston.

U.S. oil and gas operators continue to reduce spending and pull back on activity in light of the plummet in demand from Covid-19 and miserable oil prices.